A worker helps load steel bars onto a truck at warehouse of the Baifeng Iron and Steel Corporation in Tangshan, Hebei province, China August 3, 2015. REUTERS/Damir Sagolj
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U.S. proposes fresh tariffsChina accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods. China could also limit visits to the United States by Chinese tourists, a business state media said is worth $115 billion, or shed some of its U.S. Treasury holdings, Iris Pang, Greater China economist at ING in Hong Kong, wrote in a note.The $200 billion far exceeds the total value of goods China imports from the United States, which means Beijing may need to think of creative ways to respond to U.S. measures.Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China.U.S. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods – roughly the total amount of U.S. imports from China last year.Trump has been following through on pledges he made during his presidential campaign to get tough on China, which he accuses of unfair trade practices including theft of intellectual property and forced technology transfer that have led to a $375 billion U.S. trade deficit with China.
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